International Economics >> International Monetary System
International Monetary System
The international monetary system refers to the media and mode .of international payments, and the international monetary institutions which constitute the organisational set-up through which international obligations are settled. The major aspects which are covered in this chapter are: (i) a brief account of evolution of international monetary systems; (ii) the major forms of international payment media; (iii) the international monetary institution, the IMF; (iv) the international payment mechanism-methods and practices; and (v) international finance.
The evolution of international monetary system
The international monetary system which prevails today has passed through a process of evolution over a period of more than 160 years. In the process of evolution several monetary systems came up, which either collapsed due to their inherent weakness or were modified to meet the requirements of newly emerging international economic order.
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